About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Challenger Bank Allica Selects London Start-Up Sphonic for Financial Crime Compliance

Subscribe to our newsletter

Allica Bank, a digital challenger bank first launched in 2020 to focus on small businesses underserved by mainstream institutions, has selected a financial crime product suite from London-based Regtech firm Sphonic’s to support its compliance function.

Sphonic, first formed in 2012 with the creation of its core product Workflow Manager (WFM), acts as a Data Orchestration Platform, leveraging data insights from over 85 global risk management services through an intelligent workflow engine. In addition to removing the complexity of multiple integrations, the platform leverages data from vendor calls in a workflow designed to improve the customer onboarding journey, eradicate risk and drive approval rates.

For Allica, Sphonic will provide real-time KYB (Know Your Business) and KYC services via a single API. Allica will also launch Sphonic’s AML Transactional Monitoring System to profile illicit activity across the bank’s various products, which it will be able to review through real-time actionable insights via Sphonic’s Case Management tool.

Andy Lee, Founder of Sphonic, says, “Supporting Allica with our broad suite of financial crime products, including our newly launched AML transactional monitoring solution, will provide a long-term future-proofed technology stack that will scale as they will inevitably do. Sphonic has been regularly supporting the Fintech and Challenger Banking community with our innovative product suite for which our technology has seen renewed interest throughout the Covid 19 pandemic.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Potential and pitfalls of large language models and generative AI apps

Large language models (LLMs) and Generative AI applications are a hot topic in financial services, with vendors offering solutions, financial institutions adopting the technologies, and sceptics questioning their outcomes. That said, they are here to stay, and it may be that early adopters of Generative AI apps could gain not only operational benefits, but also...

BLOG

FCA Criticism of Funds’ SDR Approach Stirs Controversy

The UK regulator has criticised fund managers for failing to abide by interim guidance on ESG disclosures just days before it’s expected to announce details of a formal regulation. But the comments have been met with frustration and caution within the ESG data and technology community, with one practitioner arguing that the Financial Conduct Authority...

EVENT

ESG Data & Tech Summit London

The ESG Data & Tech Summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

Regulatory Data Handbook 2023 – Eleventh Edition

Welcome to the eleventh edition of A-Team Group’s Regulatory Data Handbook, a popular publication that covers new regulations in capital markets, tracks regulatory change, and provides advice on the data, data management and implementation requirements of more than 30 regulations across UK, European, US and Asia-Pacific capital markets. This edition of the handbook includes new...